When developing an estate plan, one must know what type of property is owned and the type of ownership interests held. Real and Personal are the two basic types of property, and they can be owned in different forms. For more on property and ownership interests and how it affects you, read this Financial Strategy.
In Georgia, real estate agents can represent the buyer, the seller or both parties in the same transaction.
Home mortgage interest can provide a very large tax deduction. You also may be able to transform nondeductible expenses into fully deductible interest by using your home as collateral for the loan.
Any improvement you make to your home that is not a repair increases your basis in the property. Keeping up with the basis in your home is extremely important when calculating your gain when you sell.
Private Mortgage Insurance protects the lender in case of default of the homeowner to pay the mortgage. It is generally required for mortgages with less than a 20% down payment.
If you’ve been lucky enough to lock in one of the historically low mortgage rates through refinancing, you should know some of the refinancing costs are tax deductible.
A home equity line of credit is a secured loan, which uses the borrower’s home as collateral, and allows the borrower to draw funds as needed and offers various repayment option at variable interest rates.
There are several documents that you should have ready when applying for a mortgage loan. While some lenders will not require all of the documents, this list will help you be prepared.
Keeping records and receipts for home improvements is essential as it lowers your tax basis in your home. This is most important when calculating the gain when eventually selling your home.
Homeowners refinance their mortgages for several reasons, including pulling out home equity, or to save money with a lower interest rate.
